WASHINGTON — Washington’s Guaranteed Education Tuition program is open for new enrollments, providing families an opportunity to start saving for future college and career training costs while their children are young.
“This year, savers can literally buy tomorrow’s education at today’s price, whether they plan to use those funds five, 10, or even 18 years from now,” said Washington College Savings Plans director, Luke Minor in a release by WA529.
The 2022-2023 enrollment period runs through May 31, 2023, and provides a unique opportunity to prepay future tuition costs by locking in today’s rates, the release states. The unit purchase price for the new enrollment period is $116.63.
Washington College Savings Plans offers two 529 college savings programs to Washingtonians: the Guaranteed Education Tuition Program and the DreamAhead College Investment Plan. Both programs offer individuals and families tax-advantaged options to save for higher education, the release stated.
While GET account values are based on Washington tuition rates, students have the freedom to use GET accounts at nearly any public or private university, community college, or technical school in the country, and even for apprenticeship programs and student loan repayments. Funds are flexible and can be used for a variety of expenses beyond tuition and fees, such as room and board (including rent and groceries for students living off-campus), books, computers, and supplies.
Washington residents who want to help a student save for future education costs can open a GET or DreamAhead account online with no enrollment fee.
“The current economic environment is an important reminder of the unique value that GET can provide a family looking for peace of mind as they prepare for their student’s educational future,” says Minor.
For more information about GET call 800-955-2318 or GETInfo@wsac.wa.gov. For questions about DreamAhead call 844-529-5845.